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Primark to invest 100 million euros in Spain, to hire 1,000 employees

Published 30/11/2022, 07:48
Updated 30/11/2022, 07:57
© Reuters. FILE PHOTO: A woman walks past a window display at a Primark store in Liverpool, Britain, September 15, 2021. REUTERS/Phil Noble

© Reuters. FILE PHOTO: A woman walks past a window display at a Primark store in Liverpool, Britain, September 15, 2021. REUTERS/Phil Noble

MADRID (Reuters) - British fashion retailer Primark said on Tuesday it planned to invest 100 million euros ($103.5 million) to open new stores and refurbish existing ones in Spain, its second largest market after Britain.

The clothes retailer, owned by Associated British Foods (LON:ABF), will open eight new stores throughout the country, including on the island of Lanzarote and the enclave of Melilla, the company said in a statement.

As part of its expansion plan, the company will add 1,000 new employees over the next two years, it said.

Even though many high-street retailers are struggling due to stiff competition from online-only brands, Primark, with its budget prices, has kept expanding over the past years.

© Reuters. FILE PHOTO: A woman walks past a window display at a Primark store in Liverpool, Britain, September 15, 2021. REUTERS/Phil Noble

The retailer has said it will hold prices steady despite rising inflation though it cautioned that rising input costs will hit its results in the new financial year.

($1 = 0.9660 euros)

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